Author：Coindoo
- 5 April 2026
- |
- 14:03
Capital rotated from Bitcoin into gold at the cycle top. Flow data shows it moving back. Historical crisis data explains why the timing may not be a coincidence.
Key Takeaways
- Fidelity documents explicit “rotation from BTC to gold”.
- BTC cumulative ETP flows declined from $61.5B peak to $54.5B.
- Since the U.S.-Iran conflict began: BTC +2.2%, Gold -11%, S&P 500 -4.4%.
- COVID onset 60-day window: BTC +21%, Gold and S&P 500 both trailed.
What the Flow Data Shows
Jurrien Timmer, director of global macro at Fidelity Investments, an $8 trillion asset manager, published weekly ETP flow data through March 30, 2026, showing one of the clearest capital rotation signals visible in the past two years.
